Thai SEC revokes Zipmex’s licenses after failure to comply with orders

Thailand’s Finance Minister determined the cryptocurrency exchange was “still in contravention” of orders imposed by the SEC in February.

After months of regulatory scrutiny, Thailand’s Securities and Exchange Commission (SEC) has revoked two operating licenses for cryptocurrency exchange Zipmex.

In a June 11 announcement, the SEC said Zipmex was no longer authorized to operate as a digital asset exchange and broker for cryptocurrencies in Thailand as of May 28. The regulator ordered Zipmex to suspend its services to Thai users in February until it could “correct its financial position and operational deficiencies.” However, the Finance Minister determined the exchange was “still in contravention” of the orders.

“Zipmex is required to return assets to its clients or proceed according to their clients’ requests,” said the SEC. “If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and secure system and must report its proceedings, step by step, to the SEC without delay.”

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